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What Is Delivery? When Must a Buyer's Payment Be Satisfied

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What is delivery? When must a buyer's payment be satisfied before the seller has the duty to deliver?


Definitions:

Market Price

The current value or cost of a good or service as determined by supply and demand in the open market.

Bilateral Mistake

In contract law, a mistake made by both parties to a contract. Bilateral mistake allows rescission by either party. Also called mutual mistake.

Appraised Value

The estimated monetary value of a property or asset, determined by a professional appraiser based on its characteristics and market conditions.

Rescission

A remedy in contract law that returns both parties to a contract back to their original positions before the contract was entered into.

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